I am surprised thaat the discussion has shifted to the "MORAL OBLIGATIONS" the company owes it shareholders.?...

As I read your posts it is clear that the deal to restructure the $750,000 NOTE due on December 23, 2007 was announced on October 15, 2007.

The pps at that time was $.18-$.20. APPARENTLY THEY WAITED TILL THE PPS HAD DROPPED TO $.13 BEFORE THEY EXECUTED ON THE PLAN.

That is 1/3 more shares issued to the noteholder, and a loss of 33% in the value of every shareholders porfolio...

I simply refuse to accept the notion that Putnam and company are that inept business wise. So I am left with the logical assumption that this was all part of the negotiated restructuring with the shareholder...

I will be much happier if all this was not done in secret, and the company discharged their feduciary duties to the shareholders in open...

GLTA...

Gil...